2. Using the following features, assign each characteristic, to a market / industry type. Note: the...
2. Using the following features, assign each characteristic, to a market / industry type. Note: the characteristic may apply to more than one market / industry type. Be sure to include all market / industry types to which the characteristics applies.
-Price makers / searchers
-Profit maximizing relationship between MR and MC
-Number of sellers (differentiate based on degree of price control)
Homework Answers
Price maker or searcher = Monopoly, monopolistic competition and oligopoly.
profit maximising relationship between MR and MC = monopoly, monopolistic competition and oligopoly and perfect market.
Number of sellers. perfect market have large number of small sellers in the market they can't influence the market, same with monopolistic competition, here, only the monopolistic competition have some degree of control over the price.
Monopoly have a single firm and they have highest control over the price, and oligopoly price are interdependent.
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